Quick Take: Barclays Steals One From Regions

Imagine agreeing to purchase an item for $225 and then coming back a couple months later and redoing the deal for $76. This is what Barclays (NYSE:BCS) just did with Regions Financial (NYSE:RF) on a deal to acquire Region's subprime business, EquiFirst.

Barclays had originally agreed to acquire the business in January, so it's not a total surprise that the deal was renegotiated. Since then we've seen New Century (OTC BB: NEWC.PK) file for bankruptcy, ResMae acquired in bankruptcy, Ameriquest accept funding from Citigroup (NYSE:C) to stay afloat, and Accredited Home Lenders (NASDAQ:LEND) agree to a financing arrangement with hedge fund Farallon Capital Management. But a 66% discount? Somehow I think that will work out well for Barclays in the long term, as the industry becomes more disciplined.

Now if Barclays can only pull off a similar feat with its expected acquisition of ABN Amro (NYSE:ABN). Then I'll really be impressed.

Related Foolishness:

• Barclays' Juggernaut Keeps Rolling
• HBC Makes a Courtesy Flush

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At the time of publication, Nathan Parmelee had no financial interest in any of the companies mentioned. He was ranked 82nd out of 25,369 CAPS investors. The Motley Fool has an ironclad disclosure policy.